Bitcoin News

Bitcoin Price Advances Towards A Positive Market Trend.

Bitcoin ended the majority of Wednesday trading near $50,000 as the stock market surged on increased optimism that the novel omicron coronavirus variety will be less economically damaging than previously thought. Bitcoin’s price had retreated by the time this article was published, and it had declined somewhat in the previous 24 hours. On Thursday, the trading volume of the No. 1 cryptocurrency by market capitalization was low across major centralized exchanges. Ethereum, on the other hand, was up around 0.16% over the same time period.

The Bitcoin network realized profit/loss (NPL) chart illustrates that Saturday’s slump resulted in one of the greatest declines in bitcoin’s NPL this year. NPL splits the price at which bitcoin last moved on the blockchain – presuming it was bitcoin’s purchase price – by the price at which bitcoin moves addresses again. What is the lesson to be learned? Santiment indicated that Bitcoin may experience some short-term negative pressure due to “growing FUD [fear, uncertainty, and doubt] among certain BTC holders.” Alternative cryptocurrencies (altcoins) gained ground, with Tezos (XTZ), omg network (OMG), and harmony among the top performers of the day (ONE).

Technician’s Perspective

Bitcoin is back over $50,000; resistance is around $53,000-$55,000. Bitcoin (BTC) is striving to restore from its weekend sell-off, but the cryptocurrency’s price may encounter short-term resistance around $53,000-$55,000. BTC was trading at $50,000 at the time of writing, down around 1.14% in the previous 24 hours. The four-hour relative strength index (RSI) is rising from severely oversold levels, indicating that purchasers may continue active in the immediate run. Still, BTC is in a month-long downturn, as characterized by the four-hour chart’s downward sloping 100-period moving average. As sellers outweigh buyers, downtrends tend to restrict price increases. On the weekly chart, price momentum is still negative, suggesting that it will take more time for bitcoin to firmly break above its short-term downtrend.



Market Price Update

Bitcoin (BTC): $49,554, -1.14%

Ethereum (ETH): $4,303, +0.16%

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